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BUYING
COSTS
Here are some
basics expenses when you are buying a home
- Downpayment
The amount vary anywhere from 5% to 25% of the home purchase
price.
-
Land Transfer Tax
It varies based on the property's purchase price. Usually
it is about .5% - 2%. First-time buyers of newly built homes qualify
for $2,000(maximum) GST rebate
- Appraisal
Fee
Your lender may require a property appraisal at
your expense. Fee will vary between $100 and
$350.
- Lawyer
Fees
You do required a lawyer to
review the Agreement of Purchase and Sale, search the title of
the property, review mortgage documents and check the closing details. Lawyers fees
vary depending on the deal.
- Moving
Costs
The moving cost will vary depending on the size of your home and the distance
the moving company needs to travel.
- Home Inspection
It is a good idea to arrange
for a home inspection before you buy. Fees range usually from about $150 to
$350.
-
Homeowner's Insurance
You will be required to provide insurance on
your property on the day of the closing. The mortgage company requires
the lawyer to have proof of this on closing day. The cost usually $400-$500
a year.
Please don't hesitate contact
us if you have any questions.
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